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Soumya Eswaran
Tue, April 7, 2026 astatine 8:22 AM CDT 3 min read
TCW funds, an concern absorption company, released its “TCW Relative Value Mid Cap Fund” fourth-quarter 2025 capitalist letter. A transcript of the missive tin beryllium downloaded here. Equities finished the twelvemonth connected a affirmative note, with the S&P 500 Total Return (USD) expanding by 2.65% and achieving a singular 17.9% successful 2025. The AI assemblage continued to thrive pursuing Trump's tariff announcements. While determination are concerning indicators that echo the Dot-Com bubble, the underlying companies look to beryllium defying likelihood with technological advancements, beardown financials, and tenable valuations. Looking ahead, the steadfast anticipates the equity marketplace volition stay highly delicate to argumentation changes and net reports, with valuations staying adjacent historically precocious levels. Class I shares of the money returned 4.54% successful Q4, outperforming the Russell Midcap® Value Index benchmark, which returned 1.42%. In addition, delight cheque the Fund’s apical 5 holdings to cognize its champion picks successful 2025.
In its fourth-quarter 2025 capitalist letter, TCW Relative Value Mid Cap Fund noted stocks similar Westinghouse Air Brake Technologies Corporation (NYSE:WAB). Westinghouse Air Brake Technologies Corporation (NYSE:WAB) is simply a starring obstruction exertion and instrumentality institution that provides locomotives, equipment, systems, and services. On April 6, 2026, Westinghouse Air Brake Technologies Corporation (NYSE:WAB) closed astatine $254.03 per share. One-month instrumentality of Westinghouse Air Brake Technologies Corporation (NYSE:WAB) was 2.95%, and its shares gained 58.55% implicit the past 52 weeks. Westinghouse Air Brake Technologies Corporation (NYSE:WAB) has a marketplace capitalization of $43.32 billion.
TCW Relative Value Mid Cap Fund stated the pursuing regarding Westinghouse Air Brake Technologies Corporation (NYSE:WAB) successful its 4th fourth 2025 capitalist letter:
"The concern successful Westinghouse Air Brake Technologies Corporation (NYSE:WAB) was eliminated implicit a tenable interest that its halfway freight concern volition travel nether unit from immoderate incremental Class 1 railroad consolidation scenario. Wabtec absorption deserves recognition for infusing and nurturing a thin operating civilization that has helped done rhythm margins and currency f low. Its thin operating playbook extended into disciplined M&A wherever Wabtec buys products, improves operating performance, and cross-sells these products into its freight and transit lawsuit base. However, fixed that much than fractional of Wabtec’s revenues are derived from customer-concentrated freight extremity markets, it is tenable to judge that galore precocious borderline and high-ticket products could beryllium pressured implicit the mean word if incremental obstruction consolidation owed to 1 oregon 2 transcontinental railroads improves transcontinental web fluidity and stronger lawsuit procurement leverage implicit Wabtec. Given these tenable medium-term concerns, the presumption was eliminated."
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